Tuesday July 16 2013
Let's take a look at today's WSJ for a sample of what it tells us about what is going on.
Yesterday the op ed columns warned of a coming disaster in disability payments, too many on disability. And another column suggested individuals would be able to sue the government over required health insurance as the government arbitrarily changed the date for business coverage.
Today Brett Stephens former Editor of the Jerusalem Post, refers to Secy of State John Kerry as a fool on a fool's errand dealing with Palestine, no fudging on his opinion!
The retreat from Law Schools continues.
Regional Hamline Regional Law School in St. Paul has seen its enrollment drop 55% since 2010, now only 100 in the entering class. Seton Hall in Newark cut its enrollment 43%. These are huge adjustments. What's the deal?
In my lifetime the practice of law and the idea that law school was some sort of gilded quest for greatness took hold in the 1970s. Numerous movies and television series held the study of law out to be both difficult and supremely reward, something never suggested about accounting. Lawyers were portrayed as larger than life heroes, always fighting for the underdog. 1973's The Paper Chase won John Houseman an Oscar for his portrayal of the tough Harvard Law Professor, it became a tv series for several years.
And so tens of thousands of liberal arts majors, with no particular job prospects in sociology and such, went to law school. College discovered this to be a wonderful source of revenue. No Labs, no expensive electronic equipment, just a blackboard and a lawyer in front of students. Schools raised money from law firms, built fancy buildings, and then, there were lots more lawyers than demand. Today computers can scan documents for potential erros while many law grads work by the hour. Now law school grads are suing law schools over false promises of job prospects.
There is a great demand for accountants as that field continues to expand. In addition the difficulty of the CPA exam versus the Bar exam acts as a gatekeeper for the profession.
I previously reported that here in Texas the pass rate on the last Bar Exam went from a high of 95% for Baylor graduates to a low of 66% for Texas Southern Graduates. Now contrast that with the fact that the highest pass rate on part of the CPA exam is 66%, and usually only UT Austin and College Station A & M hit that level. Most regional school grads score under 50%. And the failure to properly prepare with resulting horrible results has turns many away from further pursuing CPA status.
On Page A 3 more and more students are seeking Certificates at Community Colleges rather than degrees. That is a shorter route to employment. Quick now, if you were an employer would you hire
someone certified in MSFT Office
Or someone with an anthropology degree, just wondering...
On page A6 Boards are snapping up female CFOs, one notes that SARBOX really increased the demand for diversity on Boards.
Finally on page D3 the Torres brothers, aged 60, are quite successful pickle ball players. This game is played with a large whiffle ball on a shortened tennis court, well it sounds better than tennis to me!